Alright team, let's break down this juicy $ETH chart and see what's cooking. Ethereum is currently providing a textbook entry point right on the major long-term trendline support.
Technical Analysis
The Daily chart shows ETH correcting perfectly down to its primary rising trend channel support, currently hovering around $2,816. This channel has acted as a robust accumulation zone for over a year. Bulls must absolutely defend the primary horizontal support located at $2,128.64.
A successful defense and bounce from the current level would confirm continuation of the macro bullish trend, targeting a significant move toward the next major resistance and potential new all-time high territory around $5,396.11.
Fundamental Fuel
Fundamentally, Ethereum is stronger than ever. The recent, landmark approval of spot ETH ETFs in the US has permanently cemented its institutional trajectory and opened the door to billions in new capital. Additionally, the continuous growth of Layer 2 scaling solutions and the deflationary supply dynamics continue to drive utility and scarcity.
I am confident in a strong reversal here, provided Bitcoin maintains stability above its key support zones. This current price range offers an excellent risk/reward ratio for long-term holders.
Highly recommend HOLD and Stacking ETH at Binance
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